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Markets Right Now: Technology stocks lead U.S. market lower

Javier Moore |Thursday, November 15, 2018

Tech giants slide, pulling US stock market sharply lower

A broad sell-off in technology companies pulled US stocks sharply lower Monday, knocking more than 500 points off the Dow Jones Industrial Average.

The Nasdaq Composite index fell about 2.5 per cent on Monday, hit by a slump in Apple Inc shares after two suppliers cut their forecasts, sparking a selloff in other iPhone component makers and weighing on technology stocks in general.

The S&P 500 index dropped 54.79 points, or 2 percent, to 2,726.22.

Nearly all market sectors ended the day in negative territory with tech stocks falling 5.54 per cent, discretionary consumer goods by 2.31 per cent, energy 2.14 per cent and both finance and industrials by 1.99 per cent.

The tech-laden Nasdaq also pushed higher, climbing by 36 points to 7,236, lifted by Vodafone Group, Nvidia Corp, Tesla, JD.com and Applied Materials Inc. The Russell 2000 index of smaller companies gave up 30.70 points, or 2 percent, to 1,518.79.

The stock market was coming off a two-week winning streak for the benchmark S&P 500.

The Dow is up 667.96 points, or 2.7 percent. Nasdaq-100 futures gained 49.75 points, or 0.7%, to 6,884.50. Shares of Lumentum Holdings plummeted about 33 percent.

The Nasdaq is down 206.03 points, or 2.8 per cent.

Israeli defence minister resigns over Gaza ceasefire deal
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Wall Street's major indexes tumbled on Monday as shares of Apple and Goldman Sachs dragged down the technology and financial sectors.

FILE- In this November 7, 2018, file photo trader Timothy Nick, center, works with specialist Michael O'Mara on the floor of the New York Stock Exchange.

"The bull market is not over, the economic expansion is not over, but things are starting to wind down, " said Randy Frederick, vice president of trading derivatives at Charles Schwab.

Stocks are opening moderately lower on Wall Street, led by declines in technology and internet companies.

Athenahealth jumped 9.6 per cent after the struggling medical billing software maker received a buyout offer.

The Toronto Stock Exchange held up slightly better, off about half a per cent to 15,290.The main reason for the comparative strength of Canada's biggest stock market was oil, which weighs heavily on the TSX's performance.

Apple sank 4.8 per cent and Amazon lost 4.5 per cent. Facebook gave up 2.5 per cent and JPMorgan Chase fell 1.8 per cent.

ENERGY: Benchmark U.S. crude gave up an early gain, sliding 0.2 percent to $60.06 per barrel in NY. That puts pressure on Saudi Arabia, which this week said the oil cartel and allied crude producers will likely need to cut supplies, perhaps by as much as 1 million barrels of oil a day. In Asia, markets finished mixed.

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